Hooters has $376 million worth of debt.
Category
🥇
SportsTranscript
00:00After several popular casual dining chains filed for bankruptcy in 2024, another can be added to
00:05the list, Hooters. The chain, which was founded in 1983, needed to figure out a way to approach
00:10its $376 million in debt, and it will now sell all of its company-owned locations to a group
00:16backed by some of its original founders. The company owns and operates 151 locations,
00:22with an additional 154 operated by franchisees. But like many other casual dining restaurants,
00:28Hooters has struggled with inflation, higher costs, and more cost-conscious consumers.
00:33According to the Federal Reserve Bank of St. Louis,
00:36restaurant prices have increased by 30% over the last five years, and in 2024,
00:40rising costs caused TGI Fridays and Red Lobster, among others, to file for bankruptcy.
00:45That'll do it for your daily briefing. From New York City, I'm Lauren Torres with The Street.